NEW YORK—Shutterstock Inc., an Internet-based image marketplace, has leased approximately 85,000 sq. ft. of space at the Empire State Building to serve as its new headquarters. The company will relocate from 60 Broad Street later this year to commence its 11-year lease.
Newmark Grubb Knight Frank’s Paul Ippolito represented the tenant, while the company’s William Cohen and Ryan Kass represented the landlord. Attorneys for the transaction were Steven D. Korenblat of Bryan Cave LLP for the tenant, and David J. Bleckner and Ian Lester, of David J. Bleckne PC, representing the building. Malkin Holdings LLC supervises the property.
Shutterstock will relocate from 60 Broad Street later this year, under the terms of an 11-year lease. The tenant will occupy the entire 20th and 21st floors.
Other tenants at the property include Coty, the Federal Deposit Insurance Corp., the American arm of global Hong Kong-based trading firm Li & Fung, LinkedIn and construction management firm Skanska.
The Empire State Building has undergone more than $550 million in energy-efficiency upgrades, including infrastructure upgrades, lobby and public area upgrades. The property has earned Energy Star designation and also earned LEED-EB Gold certification from the U.S. Green Building Council.